 "Markets edge higher on firm European cues; Nifty tops 8,350")
Markets edged higher in late noon trades tracking firm gains in Europe with financials and FMCG shares leading the gains.
At 2:25pm, the S&P BSE Sensex was up 89 points at 27,256 and the Nifty50 was up 18 points at 8,353.
Major European stock markets were trading with firm gains with CAC-40, DAX and FTSE-100 up over 1.5% each.
Private lenders were among the top gainers with HDFC Bank, Axis Bank and ICICI Bank leading the gains.
At 2:25pm, the S&P BSE Sensex was up 89 points at 27,256 and the Nifty50 was up 18 points at 8,353.
Major European stock markets were trading with firm gains with CAC-40, DAX and FTSE-100 up over 1.5% each.
Private lenders were among the top gainers with HDFC Bank, Axis Bank and ICICI Bank leading the gains.
FMCG majors ITC and HUL gained on expectations that above normal monsoon boost rural volume growth.
IT majors TCS and Infosys remained the top Sensex losers.
Tata Steel was down over 4% amid media reports that the steel major would further delay the sale of its Port Talbot unit in Wales.
Among other shares, sugar shares such as Upper Ganges Sugar & Industries (up 20% at Rs 463), Ponni Sugars (Erode) (20% at Rs 294), KCP Sugar (14% at Rs 44), Sakthi Sugars (12% at Rs 51) and Kesar Enterprises (12% at Rs 73) were up more than 10% each on the BSE.
According to Business Standard reports, the Union Government has clarified on Wednesday that export of imported raw sugar after refining will not attract any export duty. This paves the way for movement of various shipments that were stuck at ports.
Shares of Punjab National Bank rose over 3% as its subsidiary PNB Housing Finance has approached the Securities and Exchange Board of India for an initial public offer (IPO) to raise Rs 2,500 crore.
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(updated at 11:35am)
Benchmark shares indices continued to consolidate in late morning trades with telecom stocks in focus after Manoj Sinha was appointed as the new Communications Minister with independent charge.
At 11:35am, the S&P BSE Sensex was up 18 points at 27,184 and the Nifty50 was down 7 points at 8,329. In the broader market, the Midcap was trading unchanged while the Smallcap index was up nearly 0.5%.
Foreign portfolio investors were net buyers in equities worth Rs 265.63 crore on Tuesday, as per provisional stock exchange data.
The Indian rupee was marginally up at 67.44 to the US dollar after banks and exporters pressed sales in the US currency.
HDFC and HDFC Bank were among the top Sensex gainers.
Consumption-led stocks were also among the top gainers with Asian Paints, ITC and Hindustan Unilever up 0.5%-1.2% each.
Pharma stocks also witnessed buying interest with Dr Reddy's Labs, Sun Pharma and Cipla up over 1% each.
Axis Bank was up nearly 1%. The stock turn ex-dividend today for dividend of Rs 5 per share for the year ended 31 March 2016.
Coal India trimmed early gains and was trading flat. The state-owned company announced that the board will meet on July 11 to consider proposal for buy back of equity shares of the company.
BHEL was trading with marginal gains. India Ratings and Research has placed state-owned Bharat Heavy Electricals Ltd's (BHEL) "AAA" Rating on Watch Negative (RWN). The Outlook was Stable.
Telecom stocks are in focus after the Narendra Modi government at the centre appointed Manoj Sinha as new Minister of Communications with independent charge in place of Ravi Shankar Prasad after splitting the Communications and Electronics & Information Technology ministry. Bharti Airtel, Reliance Communications and Idea Cellular are up 1% each.
However, IT stocks witnessed profit taking with Infosys down 1.3% and TCS lost nearly 1%.
Smallcap shares which have rallied include Claris Lifesciences which surged over 7% after the company said that it has received the Abbreviated New Drug Application (ANDA) approval for Tobramycin Injection USP, 80mg/2mL and 1,200mg/30mL multiple dose vials, in the US.
Dhanlaxmi Bank zoomed 20% on the back of over five-fold jump in trading volumes. Dhanlaxmi Bank on Tuesday said it will raise Rs 200 crore through issuance of equity shares on preferential basis.
NBCC (India) gained nearly 10% after the company announced that it has won contracts valued at Rs 587 crore in June 2016.